Legendary Investor Mark Mobius Says Bitcoin Bottom Is Not in Yet – Here’s Why

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Mobius Cap­i­tal Part­ners co-founder Mark Mobius says lead­ing cryp­to Bit­coin (BTC) has not reached its bot­tom yet after a pro­longed downtrend.

Accord­ing to a new Bloomberg report, the investor says dig­i­tal assets serve as a gauge of investor sen­ti­ment and tend to cor­re­late with stocks.

“Cryp­tocur­ren­cies are a mea­sure of investor sen­ti­ment. Bit­coin goes down, the next day the Dow Jones goes down. That’s the pat­tern you get. That shows that Bit­coin is a lead­ing indicator.” 

Mobius also says he believes the right time to start pur­chas­ing stocks is when investor sen­ti­ment is at a low after both insti­tu­tion­al and retail traders suf­fer heavy loss­es and “throw in the towel.”

The invest­ing vet­er­an then says as long as BTC traders are look­ing to buy the top cryp­to asset by mar­ket cap when its price dips, there is still room for Bit­coin to fall.

“[As long as traders] are still talk­ing about buy­ing on dips that means there is a feel­ing of hope. That also means that we have not reached the bot­tom of a bear market.” 

In May, Mobius pre­dict­ed Bit­coin would even­tu­al­ly reach the $20,000 mark before slight­ly bounc­ing and con­tin­u­ing to decline all the way down to $10,000.

Bit­coin is chang­ing hands at $20,377 at time of writ­ing, a 0.5% dip on the day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Fea­tured Image: Shutterstock/Vladi333/Chuenmanuse



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